Bessemer Group Inc. Buys 87,439 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Bessemer Group Inc. raised its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 123.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 158,028 shares of the bank's stock after purchasing an additional 87,439 shares during the period. Bessemer Group Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $8,898,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Hudson Value Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $708,000. Rhumbline Advisers lifted its holdings in shares of Canadian Imperial Bank of Commerce by 12.6% during the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock worth $229,000 after acquiring an additional 404 shares during the period. American Century Companies Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 8.5% during the 4th quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock worth $18,927,000 after acquiring an additional 23,403 shares during the period. Capital International Investors acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $424,386,000. Finally, Mackenzie Financial Corp increased its position in Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after purchasing an additional 1,990,520 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Analysts Set New Price Targets

CM has been the subject of a number of research analyst reports. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Royal Bank Of Canada increased their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Stock Up 0.5%

CM opened at $70.56 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The company's 50-day moving average is $66.00 and its 200 day moving average is $62.52. Canadian Imperial Bank of Commerce has a fifty-two week low of $47.11 and a fifty-two week high of $70.96. The firm has a market capitalization of $66.34 billion, a P/E ratio of 12.40, a PEG ratio of 1.52 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm's revenue was up 13.9% on a year-over-year basis. During the same period last year, the firm earned $1.75 earnings per share. Research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be given a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.98%. Canadian Imperial Bank of Commerce's payout ratio is currently 47.10%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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